Old Fort, North Carolina Property Taxes
The median property tax rate in Old Fort, NC is 0.69%, which is significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Old Fort at $110,930, the typical annual property tax bill amounts to $729, well below the national median of $2,690. Property taxes in Old Fort are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Old Fort's property tax system, exploring available exemptions, and identifying opportunities for reductions can yield substantial annual savings. Whether you're residing in Old Fort or investing in property, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Old Fort, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$765
Ownwell’s Old Fort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Fort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Fort to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Old Fort, North Carolina
Property taxes in Old Fort, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Fort is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Old Fort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Fort estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Old Fort's effective property tax rate to other areas in McDowell County and the national median. For comparison, the 28762 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Old Fort provides valuable insights into the varying tax landscape across McDowell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Fort Tax Rate
0.69%
Average Mcdowell County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Fort, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28762 | 0.66% | 0.68% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Old Fort, North Carolina
In Old Fort, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the McDowell County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Old Fort, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Old Fort is $110,930, with tax bills varying significantly. For example, the 25th percentile tax bill is $417, while the 75th percentile tax bill is $1,367, and the 90th percentile tax bill reaches $2,462. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Old Fort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Old Fort, North Carolina
Source: Ownwell
$13,000
$325,388
$637,775
Average Old Fort Assessed Value
$110,930
Average Mcdowell County Assessed Value
$111,420
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Old Fort, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28762 | $31,496 | $66,390 | $110,930 | $208,590 | $369,498 |
Source: Ownwell
Property Tax Bills Across Old Fort, North Carolina
In Old Fort, McDowell County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Old Fort is $110,930. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. For example, the median property tax bill in Old Fort is $729, which indicates a relatively moderate tax burden compared to the national median property tax rate of 0.99%. Factors such as home size, location, and market conditions can influence the assessed value, thereby impacting the tax bill. Homeowners in Old Fort can expect tax bills ranging from $417 at the 25th percentile to $2,462 at the 90th percentile, reflecting the variability in property values and assessments. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly. The highest and lowest median tax bills in Old Fort are both $729, indicating consistency in property tax assessments within the area.
Average Old Fort Tax Bill
$729
Average Mcdowell County Tax Bill
$723
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Fort, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28762 | $210 | $417 | $729 | $1,367 | $2,462 |
Source: Ownwell